On Tuesday morning at Bitcoin 2026 in Las Vegas, Miles Suter, the Bitcoin Product Lead at Block, delivered a compelling message: Bitcoin should be actively circulated rather than left idle.
Suter emphasized that “If Bitcoin fails to serve as peer-to-peer cash, it loses its transformative potential.” He positioned Block’s product initiatives around the belief that Satoshi Nakamoto designed the network to enable a more liberated and equitable financial system for everyone.
This presentation followed closely on the heels of Block’s extensive bitcoin-centric product announcements made on April 27, marking one of their most assertive product launches during a single conference.
Merchant Adoption Surges Past 800,000
Suter highlighted real-time growth as evidence of success. Currently, over 800,000 Square businesses have activated automatic enrollment for bitcoin payments. He noted that a new business activates this feature every eight seconds during his talk.
This achievement builds upon Block’s decision in March 2026 to automatically enable bitcoin payments for eligible U.S. Square sellers—a significant rollout impacting millions of merchants simultaneously. Additionally, Suter introduced a tap-to-pay feature for bitcoin transactions and stated that Block aims to make point-of-sale bitcoin payments as effortless as Apple Pay.
The innovative system utilizes NFC technology and the Lightning Network for settlements without requiring QR codes or incurring processing fees through the end of 2026.
Suter outlined an envisioned income loop where employees receive their paychecks via Cash App, convert them into bitcoin seamlessly, and transfer those funds into self-custody wallets. This vision aligns with enhancements announced by Block earlier this week.
Cash App now features automatic conversion options for peer-to-peer payments into bitcoin along with a new rewards program offering up to 5% back in Bitcoin when shopping at Square merchants. Furthermore, withdrawal limits have been significantly increased—now set at $10,000 per day and $25,000 per week.
In terms of custody solutions offered by Block is an innovative Bitkey hardware wallet equipped with a touchscreen interface featuring a secure multisig architecture (2-of-3), eliminating reliance on seed phrases while linking transaction verification directly to the device screen instead of external systems.
“Bitcoin only thrives if no single entity has control over it,” asserted Suter during his presentation.
Block’s Proof of Reserves: $2.2 Billion in $BTC
On April 27th ,Block also released its Q1 2026 Proof of Reserves report revealing total holdings amounting to approximately $2.2 billion worth—28 ,355 .05 $BTC. Out of this total figure ,19 ,357 .16 $BTC, roughly valued at $1 .5 billion belonged specificallyto customers whilethe company retained8 ,997 .89$ BTC wortharound$696 million withinitscorporate treasury.The reserves dashboard employson-chain cryptographic signaturesfor publicverification,andBlockassertedthattheseholdingsindicateactivecontrolratherthanhistoricalsnapshots .
This disclosure positionsBlockamonganexpandinglistoffirmsadoptingon-chaintransparencymeasures; howeveranalystsnotedthatproof-of-reservesalonecannotfullyaccountforliabilitiesorcustomerobligations.
Sutersessiontitled“LivingonBitcoin”waspartofabroaderconference themeaimingtopromoteBitcoinasatransactionalutility.AdedicatedsessionatBitcoin2026isalsoadvocatingforde minimistaxexemptionsonsmallbitcointransactions—a policy whichifimplementedwouldeliminatecapitalgainsreportingburdencurrentlydiscouragingeverydayspending.
JackDorseyhaspubliclyarguedthatBitcoincannotthriveasatechnologyunlessitfunctionsasmoney,a sentiment echoedbySuterduringhispresentationwhenheaffirmedthatBlock’sobjectiveistoestablishbitcoinaseverydaycurrency.
This article originally appeared on Bitcoin Magazine underthetitle“Post Blocks (XYZ)MilesSuterPushesBitcoinas‘EverydayMoney’atBitcoin2026”andwaswrittenbyMicahZimmerman.
FAQ
- What is Miles Suter’s role at Block?
Miles Suter serves as the Bitcoin Product Lead at Block Inc., focusing on enhancing cryptocurrency functionalities within their products like Cash App and Square. - How many businesses are currently using block’s auto-enrollment feature?
Around over 800 thousand Square businesses have enabled auto-enrollment for accepting bitcoin payments. - If I use Cash App how can I benefit from these new features?
You can benefit from features such as automatic conversion into bitcoins from peer-to-peer transactions or earn up to five percent back in bitcoins when shopping with participating merchants. - What does proof-of-reserves mean?
The proof-of-reserve refers specificallytoacompany’s abilityto transparently demonstrate its asset holdings relative totheir liabilitiesusing blockchain technology. - Why is everyday spending important accordingto Jack Dorsey?
AccordingtoDorsey,theabilitytouseBitcoinasameansofexchangeiscrucialforthetechnology’seffectivenessandlong-term viability .